CubeSmart reported its operating results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, diluted EPS was $0.45, down from $0.50 in Q4 2023, and FFO, as adjusted, per diluted share decreased by 2.9% to $0.68 from $0.70. Full-year 2024 diluted EPS was $1.72, down from $1.82 in 2023, and FFO, as adjusted, per diluted share was $2.63, a 1.9% decrease from $2.68 in 2023.
Same-store net operating income (NOI) for Q4 2024 decreased by 3.7%, with revenues declining 1.6% and operating expenses increasing 4.7%. Same-store physical occupancy as of December 31, 2024, was 89.3%, compared to 90.3% in the prior year. The company provided its financial outlook for 2025, estimating fully diluted FFO per share, as adjusted, to be between $2.50 and $2.59.
The company announced significant acquisition activity, including the purchase of an 85% ownership interest in the 14-store Hines Portfolio in Texas for approximately $157.3 million during Q4 2024. Additionally, subsequent to year-end but prior to this report, CubeSmart acquired the remaining 80% interest in the HVP IV venture, comprising 28 stores across multiple states, for $452.8 million.
CubeSmart's third-party management platform expanded by 29 stores in Q4 2024, bringing the total to 902 stores. The company opened two development properties in New Jersey and New York during 2024, with a total cost of $61.8 million.
Two additional joint venture development properties in New York are under construction, with a projected cost of $36.9 million and an expected opening in Q3 2025. During Q4 2024, CubeSmart sold 1.7 million common shares through its at-the-market (ATM) equity program, generating net proceeds of $85.6 million.
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